Ethereum (ETH) blockchain startup and incubator ConsenSys has participated in a $2 million seed funding round for Iceland-based blockchain startup Monerium, according to a press release from the firm, published Jan. 11. The startup counts the former chairman of Iceland’s central bank among its four founders.

The funding round was reportedly led by Icelandic venture capital fund Crowberry Capital, and has also seen the participation of Icelandic private investment firm Hof Holdings.

Founded in 2016, Monerium is reportedly developing a solution for “bridging fiat money and blockchains,” issuing what it refers to as e-money.

Former central bank chairman Jon Helgi Egilsson, alongside co-founders Gísli Kristjánsson, Hjörtur Hjartarson, and Sveinn Valfells, are spearheading a workforce of 14 people across Iceland, Sweden, the United States and the United Kingdom.

Monerium is reportedly currently awaiting review of its application to become a licensed financial services company in the European Economic Area (EEA). If secured, the license will help facilitate the various functions associated with its planned blockchain-powered e-money issuance — notably asset management, compliance and risk management.

ConsenSys co-founder Andrew Keys has stated in the press release that support for Monerium aligns with the incubator’s aim to help build “the infrastructure needed for a more decentralized and self-sovereign future.”

Earlier this month, ConsenSys partnered with semiconductor producer AMD and investment management firm Halo Holdings on a project to develop a blockchain-based cloud computing infrastructure. In December, Consensys signed a Memorandum of Understanding with South Korean technological holding SK Group for an initiative to create an enterprise blockchain business model using smart contracts.